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Nov 20, 2012
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involves hewlett packard. the company did report earnings and not being particularly well received on the numbers themselves particularly the outlook but of course it is charges of accounting issues prior to when hp bought the unit has brought the attention of investors. hewlett packard has taken a $5.3 billion write-down on its autonomy unit. it paid 11.1 billion in cash for the company. that deal closed in october 2011. done under previous management. there is the overall charge of 8.8 billion. you haven't really explained there's an additional $3.5 billion charge related to good will impairment trading above the implied price of the so-called good will. that charge was in addition to the 5.3 billion. they have taken $8.8 billion write-down. not one of the worst deals of all time but it is certainly up there in terms of the disappearance of value in a very short amount of time. you see talking about disappearance of value. another 13.5% decline this morning for hewlett packard. sources close to the company m
involves hewlett packard. the company did report earnings and not being particularly well received on the numbers themselves particularly the outlook but of course it is charges of accounting issues prior to when hp bought the unit has brought the attention of investors. hewlett packard has taken a $5.3 billion write-down on its autonomy unit. it paid 11.1 billion in cash for the company. that deal closed in october 2011. done under previous management. there is the overall charge of 8.8...
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Nov 21, 2012
11/12
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it's not about hewlett-packard today. it really talks more to the whole investment thesis behind getting invested in a public company. there were eight banks. these are the investment banks that the board of directors and hewlett-packard decided to give compensation to as a result of the due diligence done and advise given on the acquisition. bank of america. jpmorgan. barclays. basically, anybody in the business of getting mergers and acquisition advice got a piece of this pie. additionally, there was a lot of focus on autonomy. let's not forget the fact there was a charge related to another acquisition and remember, too, this is a company that has spent $38 billion, $38 billion on m and a, twice the market cap right now. over the last several years and it's very simple here. we know that nine out of ten deals don't make sense. we know the numbers point out, but only one and ten m and a over the long-term has value. you watched meg whitman here yesterday. i don't know if you caught mike lynch. fantastic interview. this i
it's not about hewlett-packard today. it really talks more to the whole investment thesis behind getting invested in a public company. there were eight banks. these are the investment banks that the board of directors and hewlett-packard decided to give compensation to as a result of the due diligence done and advise given on the acquisition. bank of america. jpmorgan. barclays. basically, anybody in the business of getting mergers and acquisition advice got a piece of this pie. additionally,...
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Nov 23, 2012
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intel, hewlett packard, microsoft doing nicely. jcpenney celebrating black friday with one big sale of the year today. many competitors decided to open on thanksgiving day, jcpenney opened doors this morning. ceo ron johnson has been facing an uphill battle to reinvent the department store as sales continue to decline. joining us on cnbc line, allen questrom former chairman and ceo of jcpenney. it's a pleasure to have you on the program. >> nice to be on. happy holiday. >> what do you make of jcpenney's turnaround so far? >> it's obvious they are having difficulty getting customers into the store. they'll be behind the 8 ball today because they open up later than competitors. i think what happens at christmastime will be consistent with what happens before christmas. stores doing well before christmas, macy's and nordstrom, those will all do just as well and about the same rate they did during the time leading up to that. right now the consumer confidence and spending returns are five-year highs. this is part of the fact that they
intel, hewlett packard, microsoft doing nicely. jcpenney celebrating black friday with one big sale of the year today. many competitors decided to open on thanksgiving day, jcpenney opened doors this morning. ceo ron johnson has been facing an uphill battle to reinvent the department store as sales continue to decline. joining us on cnbc line, allen questrom former chairman and ceo of jcpenney. it's a pleasure to have you on the program. >> nice to be on. happy holiday. >> what do...
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Nov 28, 2012
11/12
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they have to get focused and bring old hewlett packard back. there's no strategy to this los whole culture. there's no mission. they've lost a sense of the value. and the employees are confused. four times they've got outside. why would i want to work there if i have no shot at the top. >> so where does that start then? you know, you're obviously a longtime board member of a number of important companies. this board we can certainly start in terms of blame there, but does the change, does the conversation need to come from the board if in fact that is going to occur? >> absolutely. this board is a revolving door. they've had four or five different boards in these 13 years. most of the people are new. there's no institutional memory. the board i serve on, there's a long, institutional memory. that's very important and they have lost that. i think the board needs to face reality. they panicked into autonomy probably paid double what they should have paid for it. the software idea was a good one. it wasn't a bad idea. they desperately need that to
they have to get focused and bring old hewlett packard back. there's no strategy to this los whole culture. there's no mission. they've lost a sense of the value. and the employees are confused. four times they've got outside. why would i want to work there if i have no shot at the top. >> so where does that start then? you know, you're obviously a longtime board member of a number of important companies. this board we can certainly start in terms of blame there, but does the change, does...
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Nov 16, 2012
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again, hewlett packard, dell, time is passing them by. >> you are getting hit by two things. corporate side where they sell a lot of computers. fiscal cliff concerns. perhaps not spending as much. we know that. then you have consumers who are just saying why do i need another pc? >> bring your own device. that's been one. michael dell said that would not happen. it's clearly happening. >> what do you do here? >> there's a lot of cash. >> sorry. >> that's where it is going. why apologize? >> i don't know. >> i think you have to go. i think you need to raise on debt. there's a lot of stocks whether it be nokia or research in motion. these are of our era. it's where we are in the cycle. some companies do not have -- other than cash, a reason to live. >> let's look at this. >> this company has taken its future into its own hands. a game operator, some companies are not sitting down. they're tied of it. fiscal cliff. whatever. >> will vegas come back? >> right. let's stop letting the fates dictate and get control. i applaud penn national gaming for doing the right thing. >> a lot
again, hewlett packard, dell, time is passing them by. >> you are getting hit by two things. corporate side where they sell a lot of computers. fiscal cliff concerns. perhaps not spending as much. we know that. then you have consumers who are just saying why do i need another pc? >> bring your own device. that's been one. michael dell said that would not happen. it's clearly happening. >> what do you do here? >> there's a lot of cash. >> sorry. >> that's...
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Nov 14, 2012
11/12
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sop what business is going to come to the fore to see hewlett packard. they may be the jcpenney of technology. >> those are rough words unless you are very positive on jcpenney. which i don't believe you are. kind of like jpmorgan. they threw in the towel. a great move. >> it's time. it's time. >> as for hewlett packard, the best you can hope for there is what you will hear many times. it will be a turnaround that will take many years but it is going to result in a company that's very different from the one you see right now or at least different in some ways and built to compete. >> what did he have going for him? who did he bring in to make it happen? the late jerry york who would call everybody negative on ibm and say are you going to bet against me in the mid 40s? the stock -- are you going to bet against me in mid 40s. i'll fire everyone until we hurt revenues. york doesn't get enough credit. >> ceo of ibm. >> a killer. >> animal. i can't believe we didn't talk about abercrombie but we're going to after the break. we're all over the fiscal cliff. fo
sop what business is going to come to the fore to see hewlett packard. they may be the jcpenney of technology. >> those are rough words unless you are very positive on jcpenney. which i don't believe you are. kind of like jpmorgan. they threw in the towel. a great move. >> it's time. it's time. >> as for hewlett packard, the best you can hope for there is what you will hear many times. it will be a turnaround that will take many years but it is going to result in a company...
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Nov 26, 2012
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hewlett packard. bank of america. it's done nothing. it's done absolutely nothing. even when all of the banks had a resurgence, they gave that up and a lot is endless lawsuits that they tell you they have it together. a tremendous number of lawsuits involved in the banking business. these bills are actually adding up. it's actually hitting the bottom line. >> it is. after a few billion you are talking real money. we talk a lot last week about the autonomy acquisition for hp and how terrible it was but nothing will compare to what countrywide did to that company, to bank of america. >> all of these little things that might have been great in order to be able to just deal with what happened. >> liabilities they took on. incredible. they are dealing with it. investors believe they have moved through it to a large extent. >> the stock is up from 5.6 where warren buffett got involved. if you are a traditional bank making mortgages, you're doing okay. i look at this bank that's been on a total -- ntb. it's been on a total tear. we have banks that have been doing incredibl
hewlett packard. bank of america. it's done nothing. it's done absolutely nothing. even when all of the banks had a resurgence, they gave that up and a lot is endless lawsuits that they tell you they have it together. a tremendous number of lawsuits involved in the banking business. these bills are actually adding up. it's actually hitting the bottom line. >> it is. after a few billion you are talking real money. we talk a lot last week about the autonomy acquisition for hp and how...
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Nov 19, 2012
11/12
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in the end they are in a hewlett packard, dell based system. if you go to what jobs said over and over before he passed away. this is not a company i can make a deal with. i can't work with them. rather work with samsung. >> to your point of maybe this doesn't make a difference, we've seen the stock decline. it's at a place in the tech world where it is crucial to many systems but it is not want you when it comes to tablet and mobile. it's not in the sweet spot. it doesn't have competitors nipping at its heels, you see shares are halted right now. that's what i have. >> huge yield. fabulous balance sheet. perhaps the seminole company in terms of changing the power of a pc to be equal to a main frame but at the same time linked with microsoft in a product that is -- >> what does a management change mean? how does a management shift compete against a secular change in your business model? >> i think what they have to do is do something they've never done which is go to apple and say, listen, we'll pay to do it. take samsung out. >> does your gut
in the end they are in a hewlett packard, dell based system. if you go to what jobs said over and over before he passed away. this is not a company i can make a deal with. i can't work with them. rather work with samsung. >> to your point of maybe this doesn't make a difference, we've seen the stock decline. it's at a place in the tech world where it is crucial to many systems but it is not want you when it comes to tablet and mobile. it's not in the sweet spot. it doesn't have...
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Nov 12, 2012
11/12
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hewlett-packard, not a big percentage move down. it is a 52-week low. it's almost becoming a multigenerational low when you go back and look ten years. see it there. the positives here, will it be a lou gercner type turnaround --? >> she said it's going to take years. why would you possibly buy when she says it's going to take yoo -- years. do something else with your cash. >> many people are agreeing with that sentiment. of course, that is the best case scenario. we all know it may not be if it's not successful. >> we haven't talked a whole lot of rim today. reports that january 10th will be the day the launch for the blackberry 10, finally. a lot of people arguing if this doesn't work, what is left? stock's up more than 2%. >> how do you launch it? remember when microsoft had its new tablet. they had those pop-up stores. what does rim have to now do to generate that excitement? >> true enough. >> the nyse observing a one minute moment of silence and a few seconds to honor veterans day. dunkin niederauer on the podium. >> and with that, the second mome
hewlett-packard, not a big percentage move down. it is a 52-week low. it's almost becoming a multigenerational low when you go back and look ten years. see it there. the positives here, will it be a lou gercner type turnaround --? >> she said it's going to take years. why would you possibly buy when she says it's going to take yoo -- years. do something else with your cash. >> many people are agreeing with that sentiment. of course, that is the best case scenario. we all know it may...
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Nov 6, 2012
11/12
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hewlett-packard, boeing, travelers, jpmorgan and ge round out the top five or six. when we come back, final thoughts on the big election day. back in two minutes. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multi-vitamin designed for men's health concerns as we age. it has more of 7 antioxidants to support cell health. one a day men's 50+. >>> welcome back. new jersey and new york taking steps to make sure every resident can vote despite difficult circumstances in the wake of sandy. we are in littlehead, new jersey, this morning. >> reporter: hey, carl. voting post sandy has not been without controversy. first there was a plan to have national guard trucks at mobile polling stations. that was quarterbacked. now there is e-mail voting but some people don't have power and you can only access the internet via generator. there is a problem with people registering but not getting the ballots. experts worn of voter fraud. new jersey turn out on the poll sometimes 20 percentage points higher than
hewlett-packard, boeing, travelers, jpmorgan and ge round out the top five or six. when we come back, final thoughts on the big election day. back in two minutes. [ male announcer ] research suggests cell health plays a key role throughout our lives. one a day men's 50+ is a complete multi-vitamin designed for men's health concerns as we age. it has more of 7 antioxidants to support cell health. one a day men's 50+. >>> welcome back. new jersey and new york taking steps to make sure...
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Nov 5, 2012
11/12
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moved from hardware to software model, consulting and hewlett packards that failed. when you do risk on and risk off, i'm an s&p trader. i trade the s&ps. forget individual stocks. if you want to play that game, fine. >> a lot of institutions play that game. not just hedge funds. a lot of mutual funds. overall investors play that game. risk on and risk off investing for more than a few months is difficult in an environment like this where you are constantly dealing with this. >> what made you money is to identify stocks that are not part of the vortex. if we don't want to make you money, if you at home want to be completely baffle and trade every minute, risk on, risk off. i can do that for you. i can trade it for you. i can also bet an 18-1 shot and have that come in and take the over in tonight's eagles game. it's not valuable. it does not help you. >> that would be great if all you had was red light or green light and switched that on and off all day long. >> if you could make money, that would be great. the exercise isn't to make money, i'll play the game. i feel
moved from hardware to software model, consulting and hewlett packards that failed. when you do risk on and risk off, i'm an s&p trader. i trade the s&ps. forget individual stocks. if you want to play that game, fine. >> a lot of institutions play that game. not just hedge funds. a lot of mutual funds. overall investors play that game. risk on and risk off investing for more than a few months is difficult in an environment like this where you are constantly dealing with this....
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Nov 13, 2012
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hewlett packard falling to 52-week lows. and shares of gilead sciences hits an all-time high. >> it's game on meantime in an attempt to fix the fiscal cliff because the big meeting in washington on friday. obama meeting labor leaders today. eamon javers has more live from washington. >> we're about one hour away from the labor leaders and progressive group leaders meeting with the president on the issue of the fiscal cliff. they'll talk a lot about what to do on entitlement spending here. that's one of the areas where a likely deal would involve cuts. i've been talking to leading labor leaders in washington here this morning. they tell me what they're going to tell the president an hour from now. we're not in favor of benefit cuts on social insurance programs. they're also going to tell the president that he needs to stand firm on the bush tax cuts and they say they'll back him 100% if he does that. they feel, the labor leaders do, this election was about something and obama won. therefore he has a strong hand and they also
hewlett packard falling to 52-week lows. and shares of gilead sciences hits an all-time high. >> it's game on meantime in an attempt to fix the fiscal cliff because the big meeting in washington on friday. obama meeting labor leaders today. eamon javers has more live from washington. >> we're about one hour away from the labor leaders and progressive group leaders meeting with the president on the issue of the fiscal cliff. they'll talk a lot about what to do on entitlement spending...
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Nov 27, 2012
11/12
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>>> the battle between hewlett-packard and the former leaders of autonomy took a new turn. >> the war of words between dr. lynch, the co-founder, and former ceo of autonomy and the manager of hp took it up a notch. i believe hp is getting a look at this. we have no real response at this point. says any number of things. it's a very long letter in which he says it was shocking that hp put nonspecific but highly damaging allegations into the public domain without prior notification or contact with me as the former ceo. of course, hp has countered that by saying we had a meeting with him last june where we asked him a lot of questions. he said hp should provide me with the interim report and any other documents that you say you provided to the s.e.c., and of course the serious fraud office in the uk so i can answer what's alleged instead of selective disclosure. much of this letter, in fact, almost a design to have the media ask questions of hp perhaps that dr. lynch doesn't feel are answered by the company. he asked them to explain how they claim a $5 billion write-down. he fails to und
>>> the battle between hewlett-packard and the former leaders of autonomy took a new turn. >> the war of words between dr. lynch, the co-founder, and former ceo of autonomy and the manager of hp took it up a notch. i believe hp is getting a look at this. we have no real response at this point. says any number of things. it's a very long letter in which he says it was shocking that hp put nonspecific but highly damaging allegations into the public domain without prior notification...